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Ratings assigned and not accepted (as on 17 Jul 2025)

1 2 3 4 5 6 7 8 9 10 11 12 13 14
Sl. No. Name of the Issuer Sector Security/Instrument Type Issue Size
(In INR Million) 		Date of Non-Acceptance Listing Status
(Listed/Proposed to be listed/Unlisted) 		Rating assigned along with Outlook
(if any) 		Whether the rating was accepted by the issuer, subsequent to the disclosure of un-accepted ratings?
(Yes/No) 		Date of subsequent acceptance of final rating assigned Final rating accepted by the issuer Whether the issuer requested for a review/appeal subsequent to disclosure of unaccepted rating?
(Yes/No) 		Whether review/appeal of the disclosed unaccepted rating was granted by ICRA.
(Yes/No) 		Remarks
(wherever applicable)
1 Raj Doshi Exports Pvt Ltd Realty Bank Facilities 1750 10 Oct 2024 Unlisted [ICRA]BBB (Stable) / [ICRA]A3+ No No
2 Naresh Kumar & Company Private Limited Transport Services Bank Facilities 2260 08 Oct 2024 Unlisted [ICRA]BBB- (Stable) / [ICRA]A3 No No
3 Jayabheri Automotives Private Limited Automobiles Bank Facilities 383.1 04 Oct 2024 Unlisted [ICRA]BB- (Stable) / [ICRA]A4 No No
4 S S ALUR CONSTRUCTION COMPANY Construction Bank Facilities 1250 04 Oct 2024 Unlisted [ICRA]BB (Stable)/[ICRA]A4 No No
5 Miracle Coro Plast Private Limited Industrial Products Bank Facilities 870 03 Oct 2024 Unlisted [ICRA]BB+ (Stable) / [ICRA]A4+ No No
6 Gowra Metals & Polymers Private Limited Metals & Minerals Trading Bank Facilities 650 30 Sep 2024 Unlisted [ICRA]BB(Stable) / [ICRA]A4+ No No
7 KJG Consulting Private Limited Diversified Non-Convertible Debenture 20000 30 Sep 2024 Unlisted [ICRA]BB(CE) (Stable) No No
8 Orissa Metaliks Private Limited Ferrous Metals Issuer Rating 0 26 Sep 2024 Unlisted [ICRA]AA- (Stable) No No
9 Birla Furukawa Fibre Optics Private Limited Industrial Products Bank Facilities 3681.1 24 Sep 2024 Unlisted [ICRA]A- (Stable)/[ICRA]A2+ No No
10 Birla Cable Limited Industrial Products Bank Facilities 3760 24 Sep 2024 Unlisted [ICRA]A+ (CE) (Stable)/[ICRA]A1(CE)/ [ICRA]A- (Stable) No No
11 Vindhya Telelinks Limited Industrial Products Bank Facilities 43841.5 24 Sep 2024 Unlisted [ICRA]A+ (Stable)/[ICRA]A1 No No
12 S And T Machinery Private Limited Industrial Manufacturing Bank Facilities 620 16 Sep 2024 Unlisted [ICRA]BB+ (Stable) / [ICRA]A4+ No Yes Yes
13 Aurore Life Sciences Pvt Ltd Pharmaceuticals & Biotechnology Non-Convertible Debenture 3000 11 Sep 2024 Unlisted [ICRA]BB- (Stable) No No
14 Sri Vijaya Lakshmi Steel Traders Ferrous Metals Bank Facilities 800 03 Sep 2024 Unlisted [ICRA]BB (Stable) No No
15 SRIT India Private Limited IT - Hardware Bank Facilities 500 03 Sep 2024 Unlisted [ICRA]BB+ (Stable) / [ICRA]A4+ No No
16 CEAT Limited Auto Components Non-Convertible Debenture 1000 30 Aug 2024 Listed [ICRA]AA (Stable) No No
17 Kaluwala Construction Pvt Ltd Construction Bank Facilities 800 29 Aug 2024 Unlisted [ICRA]BBB+(Stable) / [ICRA]A2 No No
18 Orissa Metaliks Private Limited Ferrous Metals Issuer Rating 0 23 Aug 2024 Unlisted [ICRA]A+ (Stable) No Yes Yes
19 TIL Limited Agricultural, Commercial & Construction Vehicles Bank Facilities 1250 22 Aug 2024 Listed [ICRA]BB+(Stable) / [ICRA]A4+ No No
20 Shiva Buildtech Private Limited Construction Issuer Rating 0 20 Aug 2024 Unlisted [ICRA]BB (Stable) No No
21 Leapfrog Engineering Services Limited Construction Bank Facilities 218.2 19 Aug 2024 Unlisted [ICRA]D / [ICRA]D No No
22 Valuenable Private Limited Finance Class A PTCs 200 13 Aug 2024 Unlisted Provisional [ICRA]AA(SO) Rating in the absence of the pending actions/documents: No rating would have been assigned as it would not be meaningful No No The assigned rating is provisional and would be converted into a final rating upon the execution of: 1.Trust deed 2.Assignment agreement 3.Legal opinion 4.Trustee letter 5.Any other documents executed for the transaction
23 Web Werks India Private Limited Realty Bank Facilities 2000 07 Aug 2024 Unlisted [ICRA]BBB+ (Stable) No No
24 Singla Forging Private Limited Auto Components Issuer Rating 0 06 Aug 2024 Unlisted [ICRA]BB+(Stable) No No
25 Saibaba Polymer Technologies Private Limited Industrial Products Bank Facilities 2000 02 Aug 2024 Unlisted [ICRA]B (Stable)/ [ICRA]A4 No No

Disclaimers :

Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally, ICRA Ratings should not be treated as a recommendation to buy, sell, or hold the rated debt instruments. For ratings which were un-accepted by the Issuer prior to 1st February 2023, the status in column 9 to 14 is updated only if the respective event has occurred after 1st February 2023.

For ratings which are un-accepted by the Issuer on or after 1st February 2023, the status in column 9 to 14 is shown as on date of issue of this disclosure. The '*' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings.

Please visit our website (https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list (https://www.icra.in/Rating/Index) published on ICRA website for further information on rated instruments.